GOLD RISES/SILVER FALLS

by Harvey OrganGOLD RISES/SILVER FALLS/ANOTHER HUGE WITHDRAWAL OF SILVER FROM THE SLV/DAIWA RESEARCH WRITES BASE CASE SCENARIO FOR A WORLD WIDE DEPRESSION/SAME FOR CITIBANK’S BUITER// BLOODBATH IN TWO EMERGING CURRENCIES, KAZAKHSTAN’S TENG AND TURKEY’S LIRA/ BRAZIL’S DEBT REDUCED TO JUNK AND THUS DIFFICULT FOR THEM TO ACCESS USA CURRENCY/MASSIVE FIRINGS AT TWO MAJOR BANKS TODAY: UNICREDIT (ITALY) AND DEUTSCHE BANK (GERMANY)Good evening Ladies and Gentlemen: Here are the following closes for gold and silver today: Gold: $1107.90 up $4.40 (comex closing time) Silver $14.36 down 13 cents. In the access market 5:15 pm Gold $1108.80 Silver: $14.43 First, here is an outline of what will be discussed tonight: At the gold comex today we had a poor delivery day, registering 0 notices for nil ounces Silver saw 13 notices for 65,000 oz. Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 218.28 tonnes for a loss of 85 tonnes over that period. In silver, the open interest rose by 2094 contracts despite the fact that silver was down in price by 15 cents on Friday. Again, our banker friends tried to use the opportunity to cover as many silver shorts as they could and failed. The total silver OI now rests at 155,698 contracts In ounces, the OI is still represented by .778 billion oz or 111% of annual global silver production (ex Russia ex China). In silver we had 13 notices served upon for 65,000 oz. In gold, the total comex gold OI fell to 412,026 for a loss of 5472 contracts. We had 0 notices filed for nil oz today. We had no changes in tonnage at the GLD, thus the inventory rests tonight at 678.18 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. It sure looks like 670 tonnes will be the rock bottom inventory in GLD gold. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold will be the FRBNY and the comex. In silver, we had another huge withdrawal in silver inventory at the SLV to the tune of 1.145 million oz /Inventory rests at 320.915 million oz. We have a few important stories to bring to your attention today… 1. Today, we had the open interest in silver rose by 2094 contracts up to 155,698 despite the fact that silver was down by 15 cents in price with respect to Friday’s trading. The total OI for gold fell by 5472 contracts to 412,026 contracts, as gold was down by $6.00 on Friday. (report Harvey) 2.Gold trading overnight, Goldcore (/Mark OByrne) 3. Trading overnight from China commencing at 9:30 pm est last night 4. USA may slap sanctions on China for cyber warfare which may cancel Xi’s trip (zero hedge) 5. The big story of the day: the big think tank, Daiwa Research has basically stated that its base case is a total global meltdown (Daiwa Research) 6 Key data released showing the worst conditions inside China in 15 years (zero hedge) 7. Bank of Japan running out of dry powder. The B. of J. is allowed 25 billion dollars worth of purchases of ETF’s. They are already 78% there and they must now curtail their purchases. (zero hedge) 8 Russian tanks massing near Syrian airfield (zero hedge) 9. Bloodbath in two emerging market currencies today: the Turkish lira and the Kazakh teng. (zero hedge) 10. Brazil’s rating reduced to junk spending this country into turmoil. They have cancelled their bond auction. Their foreign reserves are dwindling fast (Ambrose Evans Pritchard/UKTelegraph) 11. Citibank’s Buiter now calls for a global recession (Citibank/Buiter) 12. Massive firings at two major European banks: i) Unicredit, ii) Deutsche bank. (Derivatives must be blowing them up to bits) zero hedge 13. Oil related commentaries 3 commentaries: i)the Calamity in Alberta, Canada ii) oil drops into the 43 column today iii/the truth behind the shale industry 14. USA stories/Trading of equities NY i) For 17 days the VIX continues into backwardation/totally unheard of (zero hedge) Continue Reading>>>